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ID H0196
Bill
Status
4/3/2013
Primary Sponsor
Business Committee
Click for details
AI Summary
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Amends Section 41-3616 to allow member insurers to offset assessments against premium tax liability under Section 41-402, Idaho Code, at 20% per year over five calendar years beginning with the year of payment and the four succeeding years.
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Extends offset provisions to insurers exempt from premium tax under Section 41-402, allowing them to offset against premium tax liability to the Industrial Administration Fund in the same manner as other member insurers.
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Clarifies that unused offsets in any calendar year cannot be carried over or back to any other year.
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Amends Section 41-4313 to revise the timing of permitted premium tax offsets for member insurers from assessments, maintaining the 20% per year over five calendar years structure beginning with the premium tax due in the year of payment.
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Removes redundant language from Section 41-4313 regarding refund provisions and crediting of sums to the state operating fund.
Legislative Description
Amends existing law to revise provisions relating to the timing of permitted Idaho premium tax offsets by member insurers and to provide for an offset against premium tax liability to the Industrial Administration Fund for an insurer that is exempt from the premium tax.
INSURANCE
Last Action
Reported Signed by Governor on April 3, 2013 Session Law Chapter 265 Effective: 07/01/13
4/3/2013